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When we sampled the Nissan 370Z early last year, we said it was a good value for the performance and fun factor it returned. But a lot has changed in the segment since then. The Hyundai Genesis Coupe has been refreshed for 2013, gaining more power and updated styling. The biggest development, though, is the arrival of the rear-drive Toyobaru twins, the Scion FR-S and Subaru BRZ. With lower price tags compared to the Z, do those cars pose a threat to the two-seater’s value argument? We ordered up a 2012 Nissan 370Z to find out.

Stepping inside our tester’s bare-bones cabin led me to believe it was a base model. Glancing at the spec sheet confirmed the lack of certain options, but revealed it wasn’t quite the stripper I thought it was. This particular 2012 Nissan 370Z was equipped with the $3030 sport package, which includes 19-inch forged aluminum alloy wheels wrapped in sticky Bridgestone RE050A rubber, upgraded brakes, a viscous limited-slip differential, and Nissan‘s SynchroRev Match six-speed manual transmission. All of those features added to the Z’s performance credentials, but also bumped the cost up to $37,005 as tested.

The only other options were the $785 rearview mirror-integrated back-up camera display and $125 carpeted floormats. The radio unit looked dated, with basic functions like single-disc CD playback capability and an aux input jack. Modern features such as Bluetooth (and subsequently streaming audio) and satellite radio were nowhere to be found, though they are available through the $1350 Bose audio package. Further contributing to that retro feeling was the interior styling, which hasn’t aged as well as the exterior sheetmetal.

Manual seats — another base model hallmark — were also present. Finding a comfortable position with the six-way adjustable driver’s seat isn’t an issue, as long as your legs are short enough to not need a telescoping steering wheel. But the non-height-adjustable four-way passenger seat is decidedly less comfortable for whoever must ride shotgun, as the low-slung seating position means their knees are always bent at an awkward angle. The seats hold you in place well enough, but the seatbacks are on the thin side, and I could feel the headrest posts poking me as I leaned back. In the center console sit three blank buttons where the seat warmer controls would go, if so equipped. While I understand Nissan had to put something there, the nonfunctional plastic buttons are a reminder of the options you didn’t spring for, and make you feel like something’s missing. Also noticeably absent is the navigation screen, which is replaced by a conspicuous, leather-upholstered cubby. This interior piece looks as though it could hide a nav screen, but flip it open and you’re treated to a barely usable storage compartment.

These shortcomings are redeemed somewhat once the Z is given room to gallop. The car’s 3.7-liter V-6, which produces 332 hp and 270 lb-ft of torque, provides adequate thrust and makes you look forward to impromptu stoplight romps. While stabbing the throttle may be habit-forming, the sound coming from the engine bay isn’t the source of the addiction. As many staffers have noted, the 370Z’s VQ engine note isn’t all that sporty-sounding from inside the cabin, especially in the higher rpms. Rather than a deep, visceral growl, you’re treated to a vacuum-like drone as you work your way through the rev band.

The six-speed manual transmission contributes to the Z’s fun quotient. In true sports car fashion, both gearing and throws were short. Though this meant swapping gears happened quickly and often, the transmission didn’t like to be hustled, sometimes not accepting a hurried one-two upshift. Because the center console storage bin’s release button is directly in your elbow’s path, muscling the shifter into gear causes the center console storage bin to open occasionally. The clutch pedal felt stiff even by sports car standards, and seemed to want to spring back out when I got close to the engagement point. This, however, could be attributed to the test car’s low miles, and the fact that the pedal hadn’t been broken in. The transmission’s auto rev-matching feature is a neat trick, and was particularly convenient in stop-and-go traffic. The feature worked fine on twisty canyon roads as well, but my right heel began to miss doing its own throttle blips. Luckily, Nissan gives you the option to turn it on and off at will.

Canyon roads allowed the Z, with its sport package goodies, to shine even brighter. The chassis surrendered little through turns, delivering jet fighter-like Gs while keeping body roll to a minimum. Helping the Z adhere to the road surface like glue were the Potenza RE050A summer tires, easily the sport package’s star feature. As expected, turn-in is ultra-sharp and precise, and the responsiveness of the steering system makes you want to crank the wheel all day long.

The car’s performance potential was further confirmed at the track, with the Z posting a more than respectable 4.8-second 0-60 mph time, and completing the quarter-mile in 13.4 seconds at 105.6 mph. That’s faster than the 2013 Hyundai Genesis Coupe 3.8 we recently tested, which posted a 5.2-second 0-60 and a 13.9-second quarter-mile at 102.2 mph. The Nissan required 106 feet to brake from 60-0 mph, and averaged an impressive 0.99 g in lateral acceleration, beating out the heavier, track pack-equipped 2013 Mustang V-6 Premium’s 60-0 stopping performance of 110 feet and a skidpad average of 0.95 g. With its figure-eight result of 25.1 seconds at an average 0.74 g, the Z proved it’s still an agile handler.

Though I enjoyed driving the Z, I couldn’t help wondering if the market still has a place for it. There’s no denying the car’s performance chops, but with its basic interior and limited standard features, are you getting your money’s worth at more than $30,000? If you want a 2013 model, you’ll have to shell out $33,900. That car does receive a face-lift, though, complete with revised front and rear fascias, standard LED daytime running lights, and new wheel designs.

Looking at other rear-drive, V-6-powered two-doors, you find most ring up below the Z’s starting price. The 2013 HyundaiGenesis 3.8 R-Spec with six-speed manual starts at $29,625; the six-speed-equipped 2012 Chevy Camaro 2LT starts at $29,330; and the 2013 Ford Mustang V-6 Premium with performance package we recently tested came in at $30,830. If prospective Z buyers cross-shop the four-cylinder rear-drive Subaru BRZ, they’d find many of the same features and a similarly sporty driving experience for thousands less. Granted, you also get less power with the BRZ’s 200-hp, 151-lb-ft 2.0-liter flat-four, but as we’ve experienced with the BRZ, that reduced power doesn’t get in the way of having fun.

For the Z’s next generation, Nissan should decide if it wants to continue to play in the $30,000-range sporty coupe sandbox, or move upmarket and offer the same performance but more content, possibly putting it in the same company as the BMW Z4 and Audi TT. As it exists now, the Z is fun to drive, but difficult to justify over its lower-priced competitors.

Horsepower

2012 Nissan 370Z News and Reviews

For 2012, the Nissan 370Z Roadster once again offers the classic open-top sports car motoring experience - with its legendary Z-exclusive balance of dynamic performance, sculptured styling, innovative technology and exceptional value. For the new model year the Z Roadster is available in a choice of 370Z Roaster with 7-speed automatic, and the 370Z Roadster Touring with 6-speed manual or…